With the rise of music subscription services like Apple Music and Tidal, many wondered whether Spotify’s stranglehold on the industry would let up. According to a tweet from the latest company, that grip is tighter than ever.
Spotify revealed on Twitter this week that the service now has over 50 million paying subscribers, a rise of of 25 percent in less than six months. Spotify revealed that it had 40 million paid subscribers back in September last year. Apple Music, the company’s closest rival, had 20 million back in December last year.
Of course, unlike Apple Music, Spotify still offers free tier allowing users to experience the service with ads, while the ads aren’t often intrusive and some do reward users with 30 minutes ad-free listening, being able to skip unlimited tracks among other premium privileges is definitely worth the £9.99 a month.
One thing Spotify’s competitors do have over the Swedish company is that they can operate without the need to make a profit, Spotify on the other hand spends most of its revenue on licensing deals, something the company has often been reported struggling with. However, that all might change if the rumour of the company files for an IPO and goes public.
The music streaming industry is still in its infancy and there’s definitely plenty more growth to be expected, so it’ll be interesting to see how things shape up for the biz in the future.
— Spotify (@Spotify) March 2, 2017